Myanmar has permitted the business of reinsurance and three new categories of general insurance in the country under two new directives – (4/2020) and (6/2020) – issued by the Insurance Business Regulatory Board (IBRB) on May 12. The three new categories are: Industrial All Risk, Construction All Risk/ Erection All Risk, and Bailee’s Liability Insurance. […]

It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]

Myanmar has a historic connection with the insurance industry. Almost 80 insurance companies operated in the market from the mid-19th century till the mid-20th century, and a large number of them were foreign companies. But things changed in the 1960s when the industry was taken over by the government and all foreign insurers in the […]

Foreign insurance companies can start operating in Thilawa Special Economic Zone during its first phase beginning in January 2015, Deputy Finance Minister Dr Maung Maung Thein told reporters at the Yangon-based state-owned Myanma Insurance office on November 16. “According to an existing Special Economic Zone law, foreign insurance companies can run their business [within special […]